New funding will enable Insignary to scale to meet the demand in the E.U., U.S. and Asia for businesses, managed service providers (MSP), resellers and auditors looking to capitalize on the growing security vulnerability detection market.
January 23, 2018 – Insignary, the global leader in binary-level open source software security and compliance, announced today that it has secured $2 million in Series A funding from Mega Investment and Samho Green Investment, as well as additional funding from Innopolis Partners. The new funding builds on Insignary’s initial seed round that occurred in 2016, making Insignary’s accumulated venture funding $4 million. This advancement will enable Insignary to scale its business to meet the demand in the E.U., U.S. and Asia for businesses, managed service providers (MSP), resellers and auditors looking to capitalize on the growing security vulnerability detection market.
Insignary’s software-as-a-service (SaaS) and server-based security tool, Insignary Clarity™, enables proactive scanning of software binaries for known, preventable security vulnerabilities, while also identifying potential license compliance issues. Insignary Clarity uses unique fingerprint-based technology, which works on the binary-level without the need for source code or reverse engineering.
“We are very excited to welcome Mega Investment and Samho Green Investment as new investors. We also look forward to continuing our strategic relationship with Innopolis Partners,” said Tae-Jin (TJ) Kang, CEO of Insignary, Inc. “Having the financial and strategic support of these sophisticated investors both validates the market opportunity and fuels our momentum as a company.”
“At Innopolis, we pride ourselves on being long-term partners for the companies that we invest in. We were attracted to Insignary because they meet our criteria of having a breakthrough and innovative approach to one of the largest problems in software development and management – identifying what known software vulnerabilities exist in software,” said Sang-Jeen Lee, CEO of Innopolis Partners, LLC. “Tae-Jin and the team are building an excellent business platform and security solution. We look forward to continue working with Insignary’s management team as they build the company into the next dominant code scanning provider.”
“The rapid adoption of open source in critical IoT, Web and Mobile Apps, Blockchain, Cloud and other fast-growth technologies makes it increasingly important to be able to identify and address known security vulnerabilities,” said Dong-Hoon Kim, Executive Director at Mega Investment Corporation. “We look to invest in companies that have a unique capability to address a fast growing market. As the only fingerprint-based, binary code scanner, Insignary fits perfectly with our investment strategy.”
“At SGI, our investment portfolio is strategically targeted toward companies and technologies that look to have profoundly positive impacts for humanity. One of the most beneficial is open source,” said Jiyoung Tim Kang, Executive Managing Director at Samho Green Investment, Inc. “Due to the socioeconomic impact of exploited security vulnerabilities, we view our investment in Insignary as a strategic means to disrupt negative behavior and foster innovation in open source software.”
About Innopolis Partners, LLC.
Established in 2006, Innopolis Partners is a leading venture capital firm in Korea. The company has a competitive edge in its focus for making strategic investments in technology-oriented startups. The firm’s track record of investment successes, with more than $150 million under management, led to its garnering the award for Best Venture Capitalist, by the Small and Medium Business Administration of Korea, in 2015. For more information, please visit http://www.innollc.com.
About Mega Investment Corporation
Founded in 2012, Mega Investment is committed to making a better world through investing in the products or services that can make life better for everyone. With more than $70 million under management, Mega Investment seeks to foster close partnerships with its portfolio companies. The firm invests in corporate vision and entrepreneurs, and through its deep entrepreunrial expertise, continues to support its portfolio companies. For more information, please visit http://www.megainv.co.kr.
About Samho Green Investment, Inc.
Founded in 2007, Samho Green Investment (SGI) is the first and only venture capital firm in Korea focused on the clean growth sector, including renewable energy, green and agricultural technologies. We engage in venture capital and private equity investments for mergers, acquisitions and buyouts; and conduct business and engineering consulting for our portfolio and client companies. SGI is a wholly owned subsidiary of Samho Development Group, a Korean conglomerate in operation since 1976, comprised of Samho Development Co., Ltd. (KRX-listed), Samho Resources, Inc. For more information, please visit http://www.sgivc.com.